Saturday 21 October 2017

Applegreen shrugs off immediate Brexit threat but wary on weak sterling

The Applegreen Service Station in Ferns
The Applegreen Service Station in Ferns
Michael Cogley

Michael Cogley

Forecourt retailer Applegreen has shrugged off the immediate effect of Britain's decision to leave the European Union but remains wary on the future due to the dwindling value of sterling.

Gross profit at the firm increased by 20.4pc in the first six months of the year to €68.5m, rising 22.4pc on a constant currency basis.

Earnings before interest depreciation and amortisation rose by 15pc to €13m as the company's profit before tax soared to €8m.

Applegreen grew its estate to 220 sites during the period, adding a further 20 places from the end of the year.

Chief executive Bob Etchingham reported strong growth in its Republic of Ireland business.

"In the UK, a more competitive environment impacted growth in the early part of the year and while this abated, we also noted a more cautious consumer in advance of the Brexit vote.”

“The decision by the UK public to exit the EU took place in late June so had no significant impact on the figures for the six months. Looking to the future, the lower Sterling:Euro exchange rate will obviously impact on our consolidated figures but otherwise it is too early to assess what impact the decision will have on our business," he said.

Online Editors

Also in Business